What is an insurance policy's grace period?

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What is an insurance policy's grace period?

a) Period of time after the initial premium is paid and before the policy is issued
b) Period of time it takes for a policy's underwriting to complete
c) Period of time after a policy is issued and before it is delivered to policyowner
d) Period of time after the premium is due but the policy remains in force

Answer: d) Period of time after the premium is due but the policy remains in force

WA Life Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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